Advertisement
AD

Main navigation

ETH and ERC-20 Deposits, Withdrawals Now Suspended on Binance: Details

Advertisement
Tue, 6/09/2022 - 13:09
ETH and ERC-20 Deposits, Withdrawals Now Suspended on Binance: Details
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Binance announced it has temporarily suspended deposits and withdrawals for ETH and ERC-20 tokens due to the Bellatrix consensus layer upgrade. It says it will provide updates once deposits and withdrawals have resumed.

Advertisement

According to sassal.eth, the Bellatrix upgrade has finalized: "The Bellatrix upgrade just went live on the Ethereum Beacon Chain. Next up is the mainnet merge, which will happen in less than 9 days. The Merge is coming."

At the time of publication, Binance is yet to give indications on whether deposits and withdrawals have resumed on the platform.

Aside from this current halt, Binance earlier announced that ETH and ERC-20 token deposits and withdrawals on Binance will also be momentarily halted at 12:00 a.m. UTC on Sept. 15 for the Paris upgrade. Additionally, Binance said that it will temporarily suspend BETH deposits and withdrawals starting at 12:00 p.m. UTC on Sept. 14, 2022, and ending at 12:00 p.m. UTC on Sept. 16, 2022.

It states that "ETH 2.0" staking on Binance will continue after the proof-of-stake transition. However, until Ethereum's Shanghai upgrade in a few months, functionality for the withdrawal and redemption of the staked ETH will not be available.

Related
Binance to Temporarily Suspend ETH Withdrawals on August 31: Details

This, it claims, was required for its preparations for the Ethereum Merge, scheduled for mid-September. "Ahead of any possible ramifications from this event, Binance is taking steps to reduce trading risks and to keep user funds SAFU," it stated in a tweet.

Two scenarios for the Merge

Binance proposed two possible scenarios following the Merge and its backup plans. First, the exchange says it will quickly resume ETH and ERC-20 token deposits and withdrawals if there is no fork and no new token is created.

The second scenario is if an ETH fork produces two chains that compete with one another and a new token. The ETH ticker will serve as a marker for the Ethereum PoS chain. Then users will be credited with the forked token based on the snapshot of their ETH balances.

Expectations remain in place following the successful completion of the Bellatrix upgrade, which will trigger the Merge mainnet update.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
RHUNA Launches to Revolutionize the Events and Entertainment Industry with Fintech Innovation
Our social media
There's a lot to see there, too

Popular articles